September 2012
Beginner to intermediate
536 pages
14h 40m
English
book
Loss Models: From Data to Decisions, 4th Edition
by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot
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APPENDIX F
NUMERICAL OPTIMIZATION AND SOLUTION OF SYSTEMS OF EQUATIONS
Maximizing functions can be difficult when there are many variables. A variety of numerical methods have been developed, and most any will be sufficient for the tasks set forth in this text. Here we present two options. The first is to use the Excel® Solver add-in. It is fairly reliable, though at times it may declare a maximum has been found when there is no maximum. A second option is the simplex method. This method tends to be slower but is more reliable. The final section of this Appendix shows how the solver and goal seek routines in Excel® can be used to solve systems of equations. Installation of the tools through the add-in process may be necessary. The process for doing this depends on your version of Excel®. The same applies for the location of the tools on the menu/ribbon.
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